10 Money Tips For Surviving The Recession!
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We are living in financially challenging times right now and with all the talk of recession, it appears that the road ahead may not be too rosy either.
However, there are some simple steps we can take to ensure that we spread our well-earned dollars as far as possible so that if we do fall into a recession, we can not only survive it, but also thrive.
1. Minimize your shopping:
Shopping=spending. If you avoid the malls, you’ll avoid buying more stuff you really don’t need. Make a plan to go for a big shop once a week. Make a list of the things you need to live a balanced life and do your shopping at bulk buy stores such as Costco.
2. Use your own banks ATMs:
The fees that you have to pay to use bank machines are ridiculous and avoidable just by only using your own banks ATMs. Take an extra minute to search for your bank, and you’ll save tons in the long run.
3. Track your spending:
If you keep track of your spending, you can see what it is that you are buying that is necessary, and what you are buying that you don’t really need. Make a list of every single purchase you make and have your spouse/partner do the same. Keep each other accountable and you will be less likely to fall into the temptation of an impulsive purchase.
4. Lower your credit card balances:
Interest is a killer. Pay off credit card balances as quickly as you can afford to and start with those that have the highest interest rate. Better still, try and consolidate your credit card debts into a single, lower ‘fixed’ interest loan and then set your repayments on auto-pilot.
5. Check your credit score:
Doing a check on your credit score can help you see if an improvement is needed. It can also help you keep track of your progress as you work to improve your overall financial health. An increasing credit score will make you feel good and inspire you to continue to improve your situation.
6. Avoid taking on additional debt:
Live within your means. Don’t be tempted by low/no interest loans for 2 years for things that just aren’t essential. If you can’t afford it now, save for it and buy it later. It always feels better to pay for something outright than to always use credit.
7. Live beneath your means:
Just because you can afford it, doesn’t mean you need it. Don’t buy the things you want, buy the things you need. Try and maintain a ’saving’ mentality, even if you can only manage to put aside a little. Having savings put aside, gives you the power to invest and potentially grow that money even further.
8. Create a second income:
A second job or creating a small home-based business, is a sure fire way to bring in some extra income and improve your financial situation. Be creative. What do people in your community want/need right now. How can you help them get what they want and make some money in the process.
9. Sell what you don’t use:
Before acquiring more things, get rid of the stuff you have cluttering up the house that you don’t use. You may be surprised at just how much extra cash you could raise by having a yard sale, running some free classified ads on US Free Ads or trying your hand at some auctions on Ebay. Whatever cash you raise, put it aside with your savings. Savings = money to invest. Wise investments = financial security.
10. Cook all of your meals at home:
When you go to a restaurant, you spend way more money than you would had you eaten that same meal at home. A great money and time-saving tip is to cook double what you need for that meal and put the extra into the freezer for another meal. It is always cheaper to buy your food in bulk and it doesn’t take any longer to cook a meal for 4 people than it does a meal for 8 people. So work smart.
Ultimately, the most important thing to remember is to find your happiness in love and family. Not in spending, and in the acquisition of more useless stuff.
If you follow these simple steps and make them habits, you may just find that you not only survive the coming recession, but that you actually ‘thrive’. ‘Earn more, spend less and save more to invest’ – now that’s a winning mantra for any financial climate.
About The AuthorDan Preston is a retired money manager and self-confessed power saver. For more information on how you can save a fortune on your grocery bills, please visit CouponsToFreeGroceries.com. |
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